podcasts
Collection
Collection for podcasts • 511 items • Updated • 2
text stringlengths 15 2.12k |
|---|
Speaker A: I think that we will look back and see the reason for why we had a bull market in 2024 and 2025. |
Speaker B: What's that reason? |
Speaker A: Layer twos base coinbase specifically putting all of its marketing and weight behind a base. Layer two because they are, like I said, printing money on it. But they are going to take Ethereum, layer two specifically base, because they now have the incentive they are going to take it mainstream. |
Speaker B: Bankless nation. It is the second Friday, Friday of August. David, what time is it? |
Speaker A: Ryan? It's the bankless Friday weekly roll up where we cover the entire weekly news in crypto, which is always an ambitious endeavor, yet we persevere nonetheless into the frontier. How are you doing this week, my man? |
Speaker B: I'm doing great, man. I've got my coffee, I've got our stable coins going. Some big news this week. PayPal launched a stable coin on Ethereum. I think that's a big freaking deal. |
Speaker A: And we got to talk about that. |
Speaker B: Yeah, what else are we talking about? |
Speaker A: Base gets dropped with already $105 million in total value locked, kicking off on chain summer. Coinbase just putting all of their weight behind the base launch. And so we're going to talk about all those details and more and then something out of arbitrum. Tell us about arbitrum. |
Speaker B: Yeah, they got a little bit more decentralized. At least they're preparing to. So we got to cover that with their bold new proposal. David, do you like that one? Bold. |
Speaker A: You did it in the show. You can't keep on doing it. |
Speaker B: I can keep doing it. This is a different show. I get one per show also. You hit me last time. Whatever. Let's move on. Polygon and Zksync, they are throwing some punches back and forth, at least on Twitter. We got to talk about that. There's been some wallet ux breakthroughs. I feel like recently this is mak... |
Speaker A: What words I never thought I'd see written. |
Speaker B: We'll talk about that too. Before we get in, we've got a message from our friends and sponsors. What's cracking, my friend? Open up the cracking charts. Yeah, it's become a thing. I'm doing it. Let's see what's cracking with bitcoin USD on the price charts. |
Speaker A: Well, nothing is cracking, Ryan, because we're only up half a percent. 929 thousand, 300 ending at 29,400. $100 in bitcoin. It's not much. |
Speaker B: Are you bored? |
Speaker A: You know, the thing is, like, I would be bored except for how incredibly good the news cycle is. Like the innovations like it is, there is a huge decoupling disconnect between what is going on with announcements and innovation and the foundations, the fundamentals, if you will, and the actual prices. And so ... |
Speaker B: Well, let's do that. |
Speaker A: Don't be frustrated by that. That is alpha. |
Speaker B: Let's look at it. No price movement here. This is the no price on the week. What are we at? Are we flat? |
Speaker A: 1840, $3 to 18. $50. We went up $7. What? |
Speaker B: It's flatter than a pancake. I used that. |
Speaker A: Yeah, a sheet of paper. |
Speaker B: That's how flat we are on the. On the week. |
Speaker A: Don't even ask me about the ratio. It's flat. |
Speaker B: Next you're gonna tell me the global. |
Speaker A: Cryptocurrency market was last is $1.2 trillion. You know what's not flat, though? Two things. |
Speaker B: Yes. |
Speaker A: Layer two TvL and layer two scaling factor is up. |
Speaker B: So we get to cover these in our market section every week from now on. |
Speaker A: We have added this to the template layer, like total value locked on layer twos coming in at $10.57 billion, working through that 10 billion mount. |
Speaker B: So because we are adding something to the template, David, I feel like we have to explain these metrics. First time bankless nation, you only get this one time explanation, and then every. |
Speaker A: Single time, you're expected to know it. |
Speaker B: You're expected to know it. So what is total value locked in layer two? Why are we looking at this chart on a weekly basis? Forever and more? |
Speaker A: Yeah, TVL, kind of the same thing as AUM assets under management. It's just like, what is the total market cap of assets that are deposited onto layer two s? And if you aggregate all of that together on all layer twos on Ethereum, you come up to $10.57 billion. Well, actually, technically, it is flat. It's u... |
Speaker B: Are you just talking about kind of like ignore the LGBTQ, ignoring the layer. |
Speaker A: Twos, ignore that, just the scalability of the layer one. Because the reason why I'm asking this is I don't actually think people appreciate that the Ethereum layer one also scales. And so that is a shifting number. So when we say there's a scaling factor of 4.8 x layer twos to the layer one, well, the layer... |
Speaker B: I bet the layer one on its own. And these are through primarily client optimization. So the team over at Geth, for example, doing a lot of work to kind of optimize how fast geth can run. And, you know, there's some juice to squeeze there. Versus 2015. |
Speaker A: That's great. |
Speaker B: I'm going to say three to four x from 2015. |
Speaker A: Pretty good. The answer is six x. So Ethereum is better than I thought. Ethereum throughput from 2015 to 2023 is six times larger than it once was. And like you said, this is layer one. Client improvements, networking improvements, just bandwidth, just hardware. As hardware gets better, the Ethereum layer on... |
Speaker B: So we are at like between 24 and 30 x if you multiply that all together. |
Speaker A: Yeah, if you compare to 2015. But like 2015 was like primitive, primitive era, stone age, stone ageing crypto. |
Speaker B: Yeah, we didn't have much to do on chain, just like so remember PP. I do remember PBIT. All right, but those are the stats we're going to go over on a weekly basis. So scaling factor 4.83 x, remember that number. And assets in locked inside of layer two is $10.5 billion. Well, let's peep it outside of the cr... |
Speaker A: Hey, things go up, things go down. If you teleported me back to the peak of that inflation back when we were at 9% and then you showed me what the future curve would look like, I'd be like, wow, this is good. That's best case scenario, soft landing. |
Speaker B: Is that what you see here? |
Speaker A: That sounds like successful manipulation of our economy. |
Speaker B: Manipulation of our economy, yeah, it's going to be interesting to see. Of course, this is not exactly what the Fed wants, but it's pretty close. We'll see what the August numbers look like. I also think, David, this number is going to get increasingly political. Why? Because the US gets increasingly politic... |
Speaker A: Number 29. |
Speaker B: I hate Home Depot. Nestle as well. It's below Nestle. It's Merc. |
Speaker A: They have a monopoly, so that's. That's adobe. |
Speaker B: Yeah. |
Speaker A: Bank of America. |
Speaker B: All of these things are worth more than ether. Platinum, than ethereum. |
Speaker A: Platinum is higher than ethereum. Palladium is higher than ether. Home Depot. At least you need to, like, you know, build houses. People need houses. People don't need palladium. Maybe they do. |
Speaker B: Palladium. Palladium, I'm sure has tons of use cases, David. But there's Ethereum, number 50 in terms of the world's largest asset. So we got our ways to go, you know. How are you feeling, though, in this market? You were talking about it a little bit when we were getting into sort of the market section in t... |
Speaker A: If you hand it off to me, it's gonna be dangerous. |
Speaker B: I think for me, we might be entering my favorite part of the market cycle. |
Speaker A: Say more? |
Speaker B: Yeah, yeah. So things aren't annoying yet, and a lot of the stupidity has been burnt off. Kind of the fraudters and the scammers were sort of found outdevelop. And the market isn't completely irrational. It's still kind of a builder's market, and it's quiet, so we're not getting all the hype and kind of the ... |
Speaker A: I'll say before COVID and after Covid. |
Speaker B: Then after Covid, when we realized the world wasn't ending, kind of toward the end of 2020. And that has been consistently my favorite part of the market cycle. Just before things get stupid and you're in this kind of like, oh, we're building. We're doing the right thing. We got hit by us regulators. That's ... |
Speaker A: I think what you're saying is we're in this, like, Goldilocks zone in the crypto era where, like, if you were a tourist, if you weren't going to make it through the bear market, you're gone. You're gone by now, anyone who's still left is here for the right reasons and here for the long haul. And we get to se... |
Speaker B: Yeah, totally. I mean. So are you ready for another round of this? |
Speaker A: Like, I could use a few more months, but that's what we get. We're at the beginning of that phase. |
Speaker B: Yeah, we're going to get some time in the Goldilocks period. Yeah, that's cool. I'm glad that resonates with you too. It just sort of hit me this week. This is how MErP puts it though. If you aren't happy single, you won't be happy in a relationship. True happiness comes from ethereum breaking two k, not fro... |
Speaker A: Hey, two k is pretty achievable. We have happiness on the menu. |
Speaker B: Yeah, I'm okay under two k though, to be honest. Just keeping the Goldilocks period of time. You know what else is going up though? Dai savings rate is now live, paying out 8% at no additional risk. Hey, that's above t bills. What's the dai savings rate? |
Speaker A: David, the dai savings rate is the yield that dai out of makerdao naturally produces. It's one of the core primitives that is part of the Makerdao building blocks we kind of call ether staking the stake. The risk free rate of ethereum. The dai savings rate is just the risk free rate of holding dai. So if you... |
Speaker B: Yeah, you just park it in t bills and it can stay in the DSR. Can it be fungible as well? |
Speaker A: Yeah. Yeah. So chai. Chai money. |
Speaker B: Oh yeah. |
Speaker A: I don't know why they call it chai, but chai is. It's like how there's our eth, or staked eth for ethereum. Chai is the Dai savings rate version of Dai. Why and where is that 8% coming from? It's part of the maker doubt protocol. Gosh, back in my maker dao days I would be able to very fluently explain this, ... |
Speaker B: Yeah, and not everyone is in the die savings rate as well. So that's why the yield is higher than normal. That's what rune reminds us. The rate is so high because there are currently not that many people using die savings rate. Only 8% of DAi holders use DSR currently. So the more holders, the more that goes... |
Speaker A: VPN users, hands off. Yeah, don't touch VPN. The specific mention of not available for VPN users, I'm pretty sure that's a wink. I'm pretty sure that's a wink right there. |
Speaker B: I don't know, we can't interpret that right. But of course the smart contract is uncensorable. It's just people have to screen out on the UI side or else the big bad american government gets mad. With all of your financial access, David, another interesting stat I dug up this week. Did you know that Worldcoi... |
Speaker A: Just how much? |
Speaker B: A little bit. A lot. 500k in the last 40 days. So if you were to annualize that, which we can't exactly do, but if you were to annualize that, that would be $4.5 million in gas fees. And so my take on that is this course the bull take comes out. Companies will need to hoard Eth the same way they hoard other ... |
Speaker A: Speaking of companies, Coinbase just released its q two earnings. This is from Ram Alawya, former Bankless podcast guest who says this is the first quarter where reoccurring revenue, for example, USDC income staking and subscriptions exceeded transaction revenue, as in like trading revenue 51% to 49%. So Coi... |
Speaker B: Wow. |
Speaker A: That is $78 million in annual run rate. 15% of that goes to the optimism collective. Coinbase pockets the rest. |
Speaker B: Huh? |
Speaker A: Yeah. So, like, brand new business model. Poof. Out of nowhere. Like $70 million in annual run rate for Coinbase because of base. And that is again before the layer two bull market kicks in. |
Speaker B: I kind of like that Coinbase is a publicly traded company because then they get to explain how layer twos work to Wall street. |
Speaker A: All they got to explain is $70 million. |
Speaker B: Yeah. And they're like, that's all I have to say. Wall street analysts are like, wait, you could see that on chain. I don't have to wait for the annual report. Like, oh, wow, okay, that's really cool. I think it'll totally educate them on how to start evaluating crypto protocols and crypto networks. |
Speaker A: So remember that, that old website, current website, still running. Mario Anacondi put it together, dyestats.com. it's just like a live audit of makerdao. It's like every, every theory block, it gets updated. Somebody should make that for base. Coinbase should make that for base, base economics. And they can... |
Speaker B: Yeah, I think so. We can pill Wall street if that's what we want to do. I don't know. I'm still comfortable in the Goldilocks zone of just like, waiting. |
Speaker A: That website can be under development for a while. |
Speaker B: It'll take them a while to catch on. |
Speaker A: Bankless station coming up next, PayPal is dropping a stable coin. Coinbase is dropping the base. There's a layer two summer party and you're all invited. And Bankless is also dropping something big to help you navigate all of it. Coming up next is all of those details. But first, a moment to talk about some... |
Speaker B: PayPal is launching a stable coin on Ethereum. Guys, this is a really big deal deal. It's called Py USD. It's a fully backed us dollar stable coin. It's backed by short term us treasuries and similar cash equivalents. For all intents and purposes, David, this looks to me a lot like USDC. Here's the contract ... |
Speaker A: Yeah, I mean, I can't imagine why it wouldn't be. It's just like, well, it's just another USDC clone, but it just indicates that, hey, perhaps the market doesn't think that the stable coin market is saturated. Like we can enter the game with further stable coins. PayPal USD $27 million market cap at the curr... |
Speaker B: Well, there is. I mean, when we had Jose on and the public stats are 450 million active user accounts on PayPal. And think about the significance of this too. PayPal really pioneered payments on the Internet in the web 1.0 days before web 2.0. Right. And so now here they are in crypto innovating on this fron... |
Speaker A: Paxos. Who are they? Had to give up bus Binance, stablecoin. And I'll pull in a Harry Potter quote for all the Harry Potter fans. Trading a nut for a galleon, giving up binance in all of its regulatory gray areas, and gaining PayPal as a, as a client, as a customer, that's, that's definitely a win. That's wh... |
Speaker B: So just like USDC, you're going to be able to transfer PayPal US dollars between PayPal and external wallets. So that would be bankless wallets. Of course you could send it person to person. So peer to peer. You could fund purchases with PayPal US dollars by, by selecting it at checkout. Right. All right, so... |
Speaker A: All the properties that he just listed allows owners to pause transfers, allow owners to freeze addresses, allow admins to increase total supply at will. These are like table stakes for centralized stablecoin service providers. You have to have all of those functions. You need to increase the supply because ... |
Speaker B: This is why we call it a centralized stablecoin. It's not a decentralized stablecoin. It's not a crypto native asset in any way. And some people are saying, well, as a result of that, why are you crypto people celebrating David Ryan, why are you so excited about this? Why are you even excited about this? Wha... |
Speaker A: How many million accounts did you say was in PayPal? |
Speaker B: 450. |
End of preview. Expand in Data Studio
README.md exists but content is empty.
- Downloads last month
- 4
Size of downloaded dataset files:
51.4 kB
Size of the auto-converted Parquet files:
51.4 kB
Number of rows:
268